Perigon Wealth Management LLC Sells 174 Shares of Lumentum Holdings Inc (NASDAQ:LITE)

Perigon Wealth Management LLC lessened its holdings in Lumentum Holdings Inc (NASDAQ:LITE) by 5.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,019 shares of the technology company’s stock after selling 174 shares during the quarter. Perigon Wealth Management LLC’s holdings in Lumentum were worth $246,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Guggenheim Capital LLC raised its holdings in Lumentum by 8.1% during the 4th quarter. Guggenheim Capital LLC now owns 87,436 shares of the technology company’s stock worth $6,934,000 after purchasing an additional 6,584 shares during the last quarter. Baird Financial Group Inc. bought a new position in Lumentum during the 4th quarter worth approximately $246,000. Geode Capital Management LLC raised its holdings in Lumentum by 4.2% during the 4th quarter. Geode Capital Management LLC now owns 1,076,588 shares of the technology company’s stock worth $85,373,000 after purchasing an additional 43,150 shares during the last quarter. Sunbelt Securities Inc. bought a new position in Lumentum during the 4th quarter worth approximately $5,055,000. Finally, Norges Bank bought a new position in Lumentum during the 4th quarter worth approximately $61,860,000. Institutional investors and hedge funds own 93.58% of the company’s stock.

In related news, CAO Matthew Joseph Sepe sold 2,896 shares of the business’s stock in a transaction dated Thursday, May 7th. The stock was sold at an average price of $81.25, for a total value of $235,300.00. Following the sale, the chief accounting officer now directly owns 22,275 shares in the company, valued at approximately $1,809,843.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Alan S. Lowe sold 15,573 shares of the business’s stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $83.32, for a total value of $1,297,542.36. Following the completion of the sale, the chief executive officer now owns 138,802 shares in the company, valued at $11,564,982.64. The disclosure for this sale can be found here. Insiders have sold a total of 26,900 shares of company stock worth $2,158,373 over the last quarter. Company insiders own 0.48% of the company’s stock.

LITE has been the subject of several recent analyst reports. Needham & Company LLC initiated coverage on shares of Lumentum in a research report on Tuesday, May 26th. They set a “buy” rating and a $105.00 price objective for the company. B. Riley lifted their price target on shares of Lumentum from $96.00 to $99.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. TheStreet raised shares of Lumentum from a “c+” rating to a “b” rating in a research report on Tuesday, May 12th. ValuEngine downgraded shares of Lumentum from a “hold” rating to a “sell” rating in a research report on Thursday, July 2nd. Finally, Piper Sandler lifted their price target on shares of Lumentum from $95.00 to $100.00 and gave the company an “overweight” rating in a research report on Wednesday, May 6th. Two analysts have rated the stock with a sell rating, three have given a hold rating and seventeen have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $93.15.

LITE opened at $92.83 on Friday. The company has a debt-to-equity ratio of 0.67, a current ratio of 6.85 and a quick ratio of 6.24. The company has a market capitalization of $6.95 billion, a price-to-earnings ratio of 63.58 and a beta of 1.00. The firm’s fifty day moving average price is $80.54 and its two-hundred day moving average price is $78.06. Lumentum Holdings Inc has a 1 year low of $48.44 and a 1 year high of $93.23.

Lumentum (NASDAQ:LITE) last released its earnings results on Tuesday, May 5th. The technology company reported $1.26 EPS for the quarter, topping the Zacks’ consensus estimate of $1.05 by $0.21. The company had revenue of $402.80 million for the quarter, compared to analysts’ expectations of $408.54 million. Lumentum had a return on equity of 20.47% and a net margin of 6.66%. The business’s revenue for the quarter was down 7.0% compared to the same quarter last year. During the same period in the previous year, the business posted $0.91 EPS. As a group, equities analysts anticipate that Lumentum Holdings Inc will post 4.14 EPS for the current year.

About Lumentum

Lumentum Holdings Inc manufactures and sells optical and photonic products in the Americas, the Asia-Pacific, Europe, the Middle East, and Africa. The company operates through two segments, Optical Communications and Commercial Lasers. The Optical Communications segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and text data over high-capacity fiber optic cables.

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Institutional Ownership by Quarter for Lumentum (NASDAQ:LITE)

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